Nationwide expands mortgage options for self-employed borrowers
Nationwide Building Society is expanding its mortgage options for self-employed borrowers by raising the maximum loan-to-value (LTV) to 95%. The change, effective today, provides greater flexibility for self-employed individuals looking to purchase or move to a new home. Those looking to remortgage with Nationwide will have access to the full remortgage product range up to 90% LTV.
Additionally, Nationwide is increasing the loan-to-income (LTI) cap for self-employed borrowers to 5.5 times their income, potentially allowing for larger loan amounts.
Henry Jordan, director of home at Nationwide Building Society, commented on the move: “Having changed our lending policy for self-employed during the pandemic, we believe now is the right time to increase our support by extending our maximum loan-to-value available to them to 95%. We’re committed to supporting self-employed borrowers as much as we can, which is why we’re also increasing the amount that they can potentially borrow with Nationwide to 5.5 times income.”